Swedish national pension fund Första AP-fonden (AP1) has entered a joint venture alongside two Finnish partners, pension fund Elo and asset manager Trevian, to invest in Finnish real estate.
The joint venture will focus on city-centre retail and office properties in strongly performing cities, primarily outside the Helsinki area.
The new company is to acquire an initial €160 mln of assets, and its current equity commitments enable the total portfolio size to exceed €400 mln.
'Finland is an interesting market for real estate investments with positive urban development prospects for larger cities outside the Helsinki area,' said Johan Temse, investment manager at AP1.
Trevian will be responsible for the management and the deal sourcing of the joint venture.
The establishment of the joint venture is subject to competition authority approvals.
